GfK Consumer Confidence Index May 2022

Headlines:

• GfK’s Consumer Confidence barometer is now at the lowest level since records began, dropping two points to -40 in May. 
• Four out of five measures were down, including a further three-point drop in the major purchases index.

Source: GfK confidence

General economic situation 

• Consumers’ measure of the general economic situation over the last 12 months fell three points to -63 in May. This is 15 points lower than the same month a year ago. 

• Expectations for the general economic situation over the coming 12 months fell one point to -56. This is a remarkable 60 points lower than a year ago.

Personal finances 

• The personal finances index covering the last twelve months fell three points to -22 in May, 18 points worse than a year ago.

• The forward-looking measure for personal finances actually rose one point to -25, but remains significantly weaker than this time last year. 

Major purchases

• The major purchases index fell for the sixth consecutive month, dropping another three points to -35 in May, a further indication that consumers intend to cut back. This is 28 points lower than a year ago. 

Savings Index (not included in the overall measure)

• Consumers’ propensity to save was unchanged in May, with the savings index holding firm at +10. This is 12 points lower than a year ago.

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